GORGEOUS, well maintained, updated 4 bedroom, 3 full bath, 2 car rear entry garage, 1 story with fenced in backyard in the sought after quiet Midway Hills subdivision. Remodeled and updated master bath and closet, remodeled and updated secondary bath, Jack and Jill with granite countertops, remodeled and updated kitchen in March 2017. Carpet installed in 2016 with upgraded padding. Replaced all windows in July of 2014. Ceiling fans installed in all bedrooms in May of 2013. Storage closet in Garage. Close to shopping and major roads.

Gorgeous, well maintained custom built Darling Home in the exclusive gated, guarded Starwood community. Huge lot (estimated .43 ac), covered front wrap-a-round porch, large covered patio in backyard and a 4 car oversized garage. Master down, private study down with 2 full & one-half baths down. 3 bedrooms, 2 full baths & a large game family room on 2nd floor. Conveniently located and just minutes away from The Star, Toyota, Liberty Mutual, JCP, FedEX, Frito Lay, PepsiCo, Pizza Hut HQ., and plenty of shopping and fine dining and close to major roads.

FHA insured mortgages serve a sector of the market that is not necessarily being met by other loan programs.

Securing an 80% conventional mortgage that doesn’t require mortgage insurance may be the lowest cost of financing but if the buyer doesn’t have 20% down payment, it isn’t really an option.

Securing a 100% VA loan doesn’t require a down payment or mortgage insurance but if the buyer isn’t a veteran with his/her eligibility intact, it isn’t an option either.

There are conventional loan programs with as little as 3% down payment but they not only require mortgage insurance, they also require a credit score of 740 or above which may eliminate some buyers.

For these reasons, FHA is a viable alternative to about 20% of new and existing home sales. The Federal backing of these mortgages makes it easier for first-time and low-income buyers to qualify because the requirements are not as demanding. They’re even more lenient towards buyers who have previously experienced bankruptcy, foreclosure or a short sale.

Finding the right mortgage for the right home is a team effort where both mortgage and real estate professionals work in harmony to get a buyer into their own home. Call me at (214) 507-7475 for a recommendation of a trusted mortgage professional.

General FHA loan requirements include:

The loan is for primary residences only but can include two, three or four units.

The property must be appraised by an FHA-approved appraiser.

The property must be safe, sound and secure, in compliance with minimum property standards as defined by the U.S. Department of Housing and Urban Development.

The borrower must be a legal resident of the U.S. and have a valid Social Security number.

The minimum credit score of 580 with a down payment of at least 3.5 percent, or a minimum credit score of 500 with a down payment of at least 10 percent.

The borrower may not have delinquent federal debt or judgments, or debt associated with past FHA loans.

The borrower must have steady employment history.

Documentation is required if the down payment was gifted by a family member.

The borrower must have a debt-to-income not exceed limits of 31% for front-end and 43% back-end ratio (some exceptions may apply).

Any judgments or collections on the credit report must be resolved or satisfactorily explained.

November 26, 2017

Christmas trees are staples of the holiday season that can be found in millions of households across the globe and many families use holiday lights to decorate for Christmas.. But Christmas trees can be as dangerous as they are heartwarming. According to the American Christmas Tree Association, Christmas tree fires contribute to $13 million in property damage annually.

Here are some safety tips for indoor and outdoor use of lights.

INDOORS

Is your tree live? If so, make sure it is fresh and green with needles that are hard to pull from the branches.

Place the tree in a stand with water, well away from heaters or the fireplace, and check the water daily.

Before putting lights on the tree or using them in other home decorations, examine them carefully. Do they have frayed wiring or loose sockets? Throw them out! Make sure any you keep or replace have been tested for safety by an independent testing laboratory.

Make sure all light sockets have bulbs in them. Children are fascinated by lights and could put their fingers in empty sockets.

Do not let bulbs touch tree branches. Never burn candles on or near the tree and never use flammable decorations.

Never use lights on a metallic tree. If the lights become faulty, the entire tree could be electrified.

Be careful not to overload extension cords, outlets or even whole circuits in the house.

For optimum safety as well as energy efficiency, use smaller, cool-burning LED lights.

Place wires where they cannot trip anyone. Do not run them under rugs.

Turn off decorative lighting when you leave the room.

OUTDOORS

Make sure the lights used are specifically designated for outdoor use and the cords are not worn or frayed.

Use a non-conducting fiberglass or wooden ladder when working with strings of lights, and stay clear of all overhead wires.

Turn the electricity off before replacing bulbs.

Never let light bulbs touch flammable materials such as plastic or dry grass and leaves.

For outside use, work only with three-wire grounded extension cords.

Use rubber gaskets in light sockets or hang sockets downward to keep water out.

Keep connections and lights off the ground by hanging them over wooden stakes.

Buying a home can get quite detailed. Here are the steps to take to ensure you’re prepared for the exciting road ahead.

Choose a Texas REALTOR®

Why? A Texas REALTOR® will help you with all the following steps and more. He or she will save you time and money by researching properties based on your criteria, helping you secure the best mortgage rates, counseling you on the offer amount and terms most favorable to you, and negotiating on your behalf. Give Cheryl (469-223-7568) or Den (214-507-7475) a call or send us an email at Cheryl@CherylOHagan.com or Dennis@DennisOHagan.com and we will be happy to help you with the buying process...

Decide What You Want

Before you start looking, make a list of what you want. Then assign each item a priority. Some areas to consider are:

Location: How close do you want to be to your job, shopping, the kid’s schools, or entertainment?

Type of home: A single-family house typically provides the most space and gives you fewer restrictions on customizing your home. But a condo offers amenities without yard work—for a price.

Age of the home: Existing homes have mature yards and established neighborhoods; however, they require more maintenance. Although new homes aren’t always without problems, they usually require less maintenance initially. Of course, you may have to put in landscaping and endure nearby construction.

Know What You Can Afford

Consider these factors:

Downpayment: Most loans require a downpayment. The amount varies, it could be 100% financed if it is a VA loan, 3.5% for an FHA loan, 5% for a conventional loan. If you’re a first-time buyer or fall below certain income thresholds, you may qualify for an affordable housing program. Generally, a higher downpayment means better loan terms and a lower interest expense on the mortgage.

Qualifying for a loan: A lender will determine how much he thinks you can afford based on your income, employment history, education, assets (e.g., bank account balances, other property, insurance policies, pension funds), and debt. Check your credit report before the lender does to clear up any problems.

Your comfort level: You don’t have to spend $200,000 on a home just because the lender says you can afford a $200,000 home. Do some math and determine what you’re comfortable spending.

Make an Offer

You’ve figured out your home-search criteria and what you can afford. Now find a house and make an offer. Your Texas REALTOR® is invaluable in this part of the process that involves many steps, including:

Preparing a contract and the myriad details on it

Handling negotiations with your best interests in mind

Juggling inspections and option periods.

Secure Financing

Unless you’re paying cash for the home, you’ll need a loan. Keep in mind the true price of financing goes beyond the interest rate alone. Consider items such as points, total lender fees, term of the loan, and penalties for early payment. The lender will likely require an appraisal to verify that the home is worth the cost of the loan as well as a physical survey. Repairs may be required. Insurance must be purchased. All these conditions and others must be satisfied before a transaction can close.

Close the Deal

After weeks or even months of research and decision-making, you close the transaction, usually at the title company's office. The title agent ask you to sign many, many documents and will explain each one. You’ll present a cashier's check to the seller, sign another document that itemizes closing costs (the lender will have given you an estimate in advance), and pay your share of the closing costs. In return, you will receive a deed, transferring ownership rights to you.

Don’t post about your trip on Facebook and other social media until you return – some burglars actually look for this type of announcement to schedule their activities.

Do notify police or neighborhood watch – especially if you’re going to be gone for more than just a few days. Let your monitoring service know when you’ll be gone and if someone will be checking on your home for you.

Light timers make it look like someone is home – use several sets for different times to better simulate someone being at home.

Do unplug certain appliances – TV, computers, toaster ovens that use electricity even when they’re off and to protect them from power surges.

Don’t hide a key – burglars know exactly where to look for your key and it only takes them a moment to check under the mat, above the door, in the flower pot or in a fake rock.

These easy-to-handle suggestions may protect your belongings while you’re gone while adding a level of serenity to your trip.